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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2025
Summary of Significant Accounting Policies |
Schedule of deferred revenue for franchise sales and annual dues | The activity consists of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Balance at | ​ | ​ | ​ | Revenue | ​ | Balance at
​ | ​ | January 1, 2025 | ​ | New billings | ​ | recognized (a) | ​ | December 31, 2025
Franchise sales | ​ | $ | 21,282 | ​ | $ | 5,582 | ​ | $ | (7,983) | ​ | $ | 18,881
Annual dues | ​ | ​ | 12,261 | ​ | ​ | 29,801 | ​ | ​ | (30,462) | ​ | ​ | 11,600
Other | ​ | ​ | 4,083 | ​ | ​ | 21,042 | ​ | ​ | (21,356) | ​ | ​ | 3,769
​ | ​ | $ | 37,626 | ​ | $ | 56,425 | ​ | $ | (59,801) | ​ | $ | 34,250
(a) | Revenue recognized related to the beginning balance for Franchise Sales and Annual Dues was $7.2 million and $11.8 million, respectfully, for the year ended December 31, 2025.
Schedule of commissions related to franchise sales | The activity in the Company’s capitalized contract costs (which are included in “Other current assets” and “Other assets, net of current portion” on the Consolidated Balance Sheets) consist of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Additions to | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Balance at | ​ | contract cost | ​ | Expense | ​ | Balance at
​ | ​ | January 1, 2025 | ​ | for new activity | ​ | recognized | ​ | December 31, 2025
Capitalized contract costs | ​ | $ | 3,553 | ​ | $ | 2,735 | ​ | $ | (1,970) | ​ | $ | 4,318
Schedule of disaggregated revenue | In the following table, segment revenue is disaggregated by geographical area (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Year Ended December 31,
​ | 2025 | ​ | 2024 | ​ | 2023
U.S. Company-Owned Regions | $ | 122,933 | ​ | $ | 131,375 | ​ | $ | 138,499
U.S. Independent Regions | ​ | 5,821 | ​ | ​ | 6,017 | ​ | ​ | 6,439
Canada Company-Owned Regions | ​ | 39,177 | ​ | ​ | 40,693 | ​ | ​ | 40,805
Canada Independent Regions | ​ | 2,754 | ​ | ​ | 2,758 | ​ | ​ | 2,891
Global | ​ | 16,334 | ​ | ​ | 14,421 | ​ | ​ | 12,754
Fee revenue (a) | ​ | 187,019 | ​ | ​ | 195,264 | ​ | ​ | 201,388
Franchise sales and other revenue (b) | ​ | 18,073 | ​ | ​ | 18,829 | ​ | ​ | 25,794
Total Real Estate | ​ | 205,092 | ​ | ​ | 214,093 | ​ | ​ | 227,182
U.S. | ​ | 54,311 | ​ | ​ | 59,335 | ​ | ​ | 63,791
Canada | ​ | 17,301 | ​ | ​ | 18,521 | ​ | ​ | 19,039
Global | ​ | 1,223 | ​ | ​ | 1,127 | ​ | ​ | 1,031
Total Marketing Funds | ​ | 72,835 | ​ | ​ | 78,983 | ​ | ​ | 83,861
Mortgage (c) | ​ | 13,674 | ​ | ​ | 14,609 | ​ | ​ | 13,993
Other (c) | ​ | — | ​ | ​ | — | ​ | ​ | 635
Total | $ | 291,601 | ​ | $ | 307,685 | ​ | $ | 325,671
(a) | Fee revenue includes Continuing franchise fees, Annual dues and Broker fees.
(b) | Franchise sales and other revenue is derived primarily within the U.S.
(c) | Revenue from Mortgage and Other are derived exclusively within the U.S.
Schedule of transaction price allocated to the remaining performance obligations | The following table includes estimated revenue by year, excluding certain other immaterial items, expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2026 | ​ | 2027 | ​ | 2028 | ​ | 2029 | ​ | 2030 | ​ | Thereafter | ​ | Total
Franchise sales | ​ | $ | 5,928 | ​ | $ | 4,707 | ​ | $ | 3,430 | ​ | $ | 2,162 | ​ | $ | 1,052 | ​ | $ | 1,602 | ​ | $ | 18,881
Annual dues | ​ | ​ | 11,600 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 11,600
Total | ​ | $ | 17,528 | ​ | $ | 4,707 | ​ | $ | 3,430 | ​ | $ | 2,162 | ​ | $ | 1,052 | ​ | $ | 1,602 | ​ | $ | 30,481
Schedule of reconciliation of cash, both unrestricted and restricted | The following table reconciles the amounts presented for cash, both unrestricted and restricted, in the Consolidated Balance Sheets to the amounts presented in the Consolidated Statements of Cash Flows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ | ​ | 2025 | ​ | 2024
Cash and cash equivalents | ​ | $ | 118,736 | ​ | $ | 96,619
Restricted cash: | ​ | ​ | ​ | ​ | ​ | ​
Marketing Funds (a) | ​ | ​ | 19,332 | ​ | ​ | 17,668
Settlement Fund (b) | ​ | ​ | 55,000 | ​ | ​ | 55,000
Total cash, cash equivalents and restricted cash | ​ | $ | 193,068 | ​ | $ | 169,287
(a) | All cash held by the Marketing Funds is contractually restricted, pursuant to the applicable franchise agreements.
(b) | Represents the net amounts held in the U.S. Settlement Fund as part of the settlement of certain industry class-action lawsuits. See Note 13, Commitments and Contingencies, for additional information.
Schedule of cost charges to intersegment | Costs charged from Real Estate to the Marketing Funds are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
Technology - operating | ​ | $ | 17,950 | ​ | $ | 4,397 | ​ | $ | 4,676
Technology - capital (a) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (203)
Marketing staff and administrative services | ​ | ​ | 9,043 | ​ | ​ | 5,970 | ​ | ​ | 6,102
Total | ​ | $ | 26,993 | ​ | $ | 10,367 | ​ | $ | 10,575
(a) | During the year ended 2023, the Company determined that certain development projects were no longer needed and therefore $0.2 million, reflecting the cost of work in process assets that would no longer be placed in service, was refunded to the marketing funds.
Schedule of allowances against accounts and notes receivable | The activity in the Company’s allowances against accounts and notes receivable consists of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Balance at beginning of period | ​ | Charges to expense for changes in Allowance for doubtful accounts(a) | ​ | Write-offs | ​ | Balance at end of period
Year Ended December 31, 2025 | ​ | $ | 11,208 | ​ | $ | 3,278 | ​ | $ | (1,867) | ​ | $ | 12,619
Year Ended December 31, 2024 | ​ | $ | 10,900 | ​ | $ | 1,359 | ​ | $ | (1,051) | ​ | $ | 11,208
Year Ended December 31, 2023 | ​ | $ | 9,111 | ​ | $ | 6,784 | ​ | $ | (4,995) | ​ | $ | 10,900
(a) | Includes approximately $1.0 million, $0.4 million and $1.8 million of expense attributable to the Marketing Funds for the years ended December 31, 2025, 2024 and 2023, respectively.
Schedule of other current assets and other assets, net of current portion | Other current assets and Other assets, net of current portion consist of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ | ​ | 2025 | ​ | 2024
Prepaid expenses | ​ | $ | 10,472 | ​ | $ | 12,438
Capitalized contract costs | ​ | ​ | 1,055 | ​ | ​ | 1,008
Other | ​ | ​ | 413 | ​ | ​ | 379
Other current assets | ​ | $ | 11,940 | ​ | $ | 13,825
​ | ​ | ​ | ​ | ​ | ​ | ​
Capitalized contract costs | ​ | $ | 3,263 | ​ | $ | 2,545
Notes receivable, net of current portion | ​ | ​ | 1,791 | ​ | ​ | 1,873
Other | ​ | ​ | 1,251 | ​ | ​ | 1,147
Other assets, net of current portion | ​ | $ | 6,305 | ​ | $ | 5,565

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